{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Ghost towns of empty buildings are monuments to Spain\u0026#39;s housing boom' data-url='/boclips/videos/5c54bd9fd8eafeecae1356a2' data-video-url='/boclips/videos/5c54bd9fd8eafeecae1356a2' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nGhost towns of empty buildings are monuments to Spain\u0026#39;s housing boom\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eCiudad Valdeluz, Guadalajara - 8 February, 20121. Wide as high speed trains rushes past ghost town Ciudad Valdeluz2. Wide shot empty buildings and pavement 3. Wide shot empty streets 4. Mid main street, sparse traffic 5. Wide pan flats...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eCiudad Valdeluz, Guadalajara - 8 February, 2012\u003cbr/\u003e1. Wide as high speed trains rushes past ghost town Ciudad Valdeluz\u003cbr/\u003e2. Wide shot empty buildings and pavement \u003cbr/\u003e3. Wide shot empty streets \u003cbr/\u003e4. Mid main street, sparse traffic \u003cbr/\u003e5. Wide pan flats for sale on deserted street \u003cbr/\u003e6. SOUNDBITE (Spanish) Joaquin Ormazabal, Mayor of Yebes, a town 13 kilometres from Ciudad Valdeluz:\u003cbr/\u003e\"What made a difference in our case was the shuttle (high speed train link to Madrid). Also this was a cycle that was going on for some 10 years, and I don't think the Spanish thought much about it. And in the end what happened to us is what happened in many other Spanish towns and on the Spanish coast, that there was a real estate and financial crisis, and I think the party is over.\"\u003cbr/\u003eSesena, Toledo - 13 February, 2012\u003cbr/\u003e7. Wide of apartment owner Juan Carlos Caballero walking out onto terrace to place \"For rent\" sign \u003cbr/\u003e8. Wide of Caballero placing \"For rent\" sign on balcony, filmed from below\u003cbr/\u003e9. SOUNDBITE (Spanish) Juan Carlos Caballero, owner of apartment in Sesena: \u003cbr/\u003e\"Things are really bad. A lot of people are really regretting buying (their flats). There are people who are facing ruin because they bought here, not just one place but three or four, thinking that property prices were going to keep rising as they had done. But they didn't, and there are people who are really facing financial ruin. They bought as an investment, closed their business to invest the little they had here, and now they have lost everything.\"\u003cbr/\u003eSesena, Toledo - 8 February 2012\u003cbr/\u003e10. Wide pan of empty housing block\u003cbr/\u003e11. Mid of empty housing development \u003cbr/\u003e12. Close exterior of empty apartment, shutters down\u003cbr/\u003eMadrid - 7 February 2012\u003cbr/\u003e13. Wide interior Idealista.com offices\u003cbr/\u003e14. Mid idealista.com offices\u003cbr/\u003e15. SOUNDBITE (Spanish) Fernando Encinar, Head of research, Idealista.com\u003cbr/\u003e\"There are houses that will never be sold, and we will probably get to a point in the medium term where we will see these houses having to be knocked down, because they were built in the middle of nowhere, there is no demand for them, and it will work out cheaper to knock them down and return the land to nature than to maintain them. It makes sense because if no one wants to look after them they create costs and problems for the communities living near by.\"\u003cbr/\u003eSesena, Toledo - 8 February 2012\u003cbr/\u003e16. Various of empty apartment block\u003cbr/\u003eThe high speed train rushes past the new town of Ciudad Valdeluz on its way to Madrid. \u003cbr/\u003eThe town, 50 kilometres outside the Spanish capital, was built on the back of the super fast train link to Madrid. \u003cbr/\u003eMore than 9,000 apartments and small houses were supposed to be built there, in a bucolic country setting next to the high-speed train station so workers could get downtown in less than 20 minutes.\u003cbr/\u003eBut now Ciudad Valdeluz is the town where the train doesn't stop.\u003cbr/\u003eIt's a ghost town, a mammoth housing complex built during Spain's 10 year construction boom. \u003cbr/\u003eHalf finished and practically empty, it is one of hundreds of projects that bear witness to the collapse of the property bubble, as banks struggle to sell properties they either invested in or handed out loans for that can no longer be paid.\u003cbr/\u003eThese abandoned ghost towns, left to slowly decay, have become a familiar part of the Spanish landscape.    \u003cbr/\u003eJoaquin Ormazabal, the Mayor of nearby Yebes, said no one really paid attention to what was going on until the real estate bubble burst. \u003cbr/\u003eThe home he himself bought would now sell for about half the price. \u003cbr/\u003e\"What happened to us is what happened in many other Spanish towns and on the Spanish coast, in the end there was a real estate and financial crisis, and I think the party is over.\"\u003cbr/\u003eSesena, on the edge of the Toledo region, is another example of rampant speculative construction, a huge housing complex aimed for workers commuting into Madrid.\u003cbr/\u003eOf the 13,000 apartments planned, only 5,100 have been built and most stand empty. \u003cbr/\u003eJuan Carlos Caballero, who bought one of the apartments, lost his job and can't afford the mortgage. \u003cbr/\u003eHe is desperate to sell but has resigned himself to renting it out.\u003cbr/\u003eThe problem is that the housing market is flooded with property, most of it a lot better located than Sesena.\u003cbr/\u003eThe 33-year-old Caballero, an unemployed chauffeur, last rented his apartment for 750 euros a month.\u003cbr/\u003eThat was two years ago; he is now asking just 500 euros a month. \u003cbr/\u003eSimilar apartments are being offered at 375 euros a month, but he's asking for more because his is in immaculate condition with new furniture and appliances.\u003cbr/\u003e\"There are people who are facing ruin because they bought here, not just one place but three or four, thinking that property prices were going to keep rising as they had done,\" he says.\u003cbr/\u003e\"They bought as an investment, closed their business to invest the little they had here, and now they have lost everything.\"\u003cbr/\u003eAt Idealist.com, a Spanish website for people looking to buy, sell or rent property, head of research Fernando Encinar sees no alternative but to knock many of these empty developments down.  \u003cbr/\u003e\"They were built in the middle of nowhere, there is no demand for them, and it will work out cheaper to knock them down and return the land to nature than to maintain them,\" he explains. \u003cbr/\u003eSpain's development ministry estimates there are 687,000 unsold new homes for sale. \u003cbr/\u003eOther studies put the number as high as 1.6 million (m), in the nation of 47 million (m), where 80 percent of the population already lives in owned homes, a rate much higher than nations like France, Germany, Italy and the United States. \u003cbr/\u003eThere is no government figure for used homes for sale, but estimates range into the millions.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead 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Subjects\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eMedia Type\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?keywords=Power+Function\u0026amp;page=36\u0026amp;search_tab_id=2\u0026amp;type_ids%5B%5D=4543650\"\u003eNews Clips\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eSource:\u003c/dt\u003e\n\u003cdd\u003e\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eDate\u003c/dt\u003e\n\u003cdd\u003e2012\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003ci aria-hidden='true' class='fai fa-solid fa-language'\u003e\u003c/i\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv 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